Punjab News Network

GDP contracting, recessions in Japan and the UK

<p>Among the Group of Seven advanced economies that have entered a recession are Britain and Japan. Japan’s economy shrank in the last quarter of 2023, lagging behind Germany to become the fourth biggest in the world.</p>
<p><img decoding=”async” class=”alignnone wp-image-412540″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-gdp-contracting-recessions-in-japan-and-the-uk-2024-2largeimg-491518083.jpg” alt=”theindiaprint.com gdp contracting recessions in japan and the uk 2024 2largeimg 491518083″ width=”1076″ height=”716″ title=”GDP contracting, recessions in Japan and the UK 15″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-gdp-contracting-recessions-in-japan-and-the-uk-2024-2largeimg-491518083.jpg 275w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-gdp-contracting-recessions-in-japan-and-the-uk-2024-2largeimg-491518083-150×100.jpg 150w” sizes=”(max-width: 1076px) 100vw, 1076px” /></p>
<p>Based on Cabinet Office figures on real GDP, the Japanese government claimed that the economy contracted at an annual pace of 0.4% from October to December. China’s economy surpassed Japan’s as the second biggest in 2010, however. Germany’s nominal GDP last year was $4.4 trillion, or $4.5 trillion depending on the currency conversion, whereas Japan’s was $4.2 trillion.</p>
<p>The second half of 2023 saw a recession in the British economy. According to official figures, the GDP shrank by 0.1% between July and September before contracting by 0.3% in the three months leading up to December. The British economy is just 1% larger than it was in late 2019, before to the COVID-19 epidemic.</p>